U.S. Representative Suhas Subramanyam of Virginia’s 10th District has responded to the Department of Justice’s recent announcement of a criminal investigation into Federal Reserve Chair Jerome Powell.
In his statement, Rep. Subramanyam criticized the investigation, saying: “This sham investigation of Jerome Powell is part of a larger pattern of this administration coercing and intimidating regulators for the president’s benefit. In this case, he could wreck our economy and monetary policy for the foreseeable future. The Federal Reserve’s independence is what has historically kept us out of terrible depressions. We don’t want to see any more of the economic hardship this administration has brought on the American people.”
The Department of Justice’s move marks an escalation in tensions between federal regulators and the current administration. The Federal Reserve, which oversees U.S. monetary policy, has traditionally operated independently from political influence.
